PRTK - Gurnet Point Capital and Novo Holdings A/S Complete Acquisition of Paratek Pharmaceuticals Inc. | Benzinga
CAMBRIDGE, Mass., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Gurnet Point Capital ("Gurnet Point") and Novo Holdings A/S ("Novo Holdings") announced today the completion of their acquisition of Paratek Pharmaceuticals, Inc. ("Paratek" or the "Company") (NASDAQ:PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats. The Company's lead commercial product, NUZYRA® (omadacycline), is a once-daily oral and intravenous antibiotic available in the United States for the treatment of adults with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI).
"Today's completion of the acquisition of Paratek by Gurnet Point and Novo Holdings represents the beginning of a new chapter in our Company's history," said Evan Loh, M.D., Chief Executive Officer at Paratek. "We look forward to drawing upon the extensive experience of both Gurnet Point and Novo Holdings to provide lifesaving, transformative therapies to patients."
The consideration paid to stockholders in the transaction was $2.15 per share in cash, plus a Contingent Value Right ("CVR") of $0.85 per share payable upon the achievement of $320 million in U.S. NUZYRA net sales (excluding certain permitted deductions, payments under Paratek's contract with ASPR-BARDA, certain government payments and certain royalty revenue) in any calendar year ending on or prior to December 31, 2026.
Under the terms of the merger agreement, Gurnet Point, a leading healthcare investment firm, and Novo Holdings, a holding and investment company responsible for managing the assets and wealth of ...